Uncertainty, Risk and Asset Prices

Uncertainty, Risk and Asset Prices

The pandemic remains the sole driver of global markets. That reality makes fundamental analysis difficult, if not impossible. Yet with global equity markets down some 25% from their peaks—even after last week’s sharp rebound—the question remains: Have investors appropriately discounted what is likely to unfold in the weeks, months and quarters ahead?

On one level, the question cannot be answered. Nearly a century ago (in 1921), the economist Frank Knight first made the important distinction between risk and uncertainty. According to Knight, risk can be quantified, in the sense that a future outcome may not be known with certainty, but agents can measure the probabilities of what determines the outcome and can accordingly make probability-weighted decisions. Uncertainty is different. It pertains to environments where agents cannot even know the information required to gauge the probabilities of future outcomes.

In the current environment, an exceptional degree of uncertainty exists. Even in those countries where the pandemic has been most diligently tested, monitored and tracked—for instance in China, South Korea, Singapore or Germany—considerable information is unknown that is required to make probabilistic statements about the future. Among others, the unknowns include the length of time when an individual is contagious, whether re-infection is possible (i.e., what is the level of immunity for those that have contracted the virus and survived), or whether the rate of infection is seasonal, among others.

In other countries, most notably the United States, data on the pandemic is very weak due to a combination of lack of coordination at the highest levels of government and fragmented healthcare governance.

Accordingly, not only do policy makers the world over not have the necessary information to combat the pandemic effectively, but investors lack the information necessary to assess the odds of future outcomes. 

In such a setting, determining the price of a financial asset, whose value depends on discounted future cash flows, is virtually impossible. Knightian uncertainty prevails.

Is all hope lost? Is there nothing we can say about asset prices? 

We can make some broad judgments, but we must acknowledge limitations.

For instance, based on a simple measure of the US equity risk premium (ERP) developed by our former colleague Ken Liew (derived from a Gordon growth model), the current estimated ERP is just shy of levels observed during the global financial crisis or the Eurozone financial crisis, but well below levels seen in the 1970s. 

The ERP model can help us calibrate some outcomes. For example, assuming unchanged earnings forecasts and interest rates, every percentage point increase in the ERP shaves 10-15% off the value of the S&P500. If the ERP were to climb to its peak levels seen during the 1970s, the S&P500 would plunge over 1,000 points from prevailing levels. Given all the unknowns described above, as well as the fear that things could get much worse, a big jump in the ERP from here surely seems plausible.

Alternatively, one can view equity markets through the prism of earnings. At the time of writing, US President Trump has declared a national policy of ’social distancing’ until April 30, implying another month of massive economic dislocation on the heels of the shutdowns enacted over the past few weeks. Already, US jobless claims have spiked by some 3 million. Where will the number of unemployed be in 4 weeks? Nouriel Roubini has coined the phrase ‘greater recession’, while Federal Reserve St. Louis President Bullard speaks openly of unemployment rates of 20% or more.

Contrast those outcomes with prevailing index levels. Today, S&P500 valuations are marginally above long-term averages and current index levels imply roughly no earnings growth in 2020.

How is either possible if the economy is going to shrink sharply over the next few quarters? It would take a degree of certainty about an effective vaccine (or anti-viral treatment), or a willingness to reverse curve flattening and put people back to work rapidly and on a massive scale to achieve an earnings outcome consistent with current market pricing. How can stock prices be above long-term valuations given today’s ‘known unknowns’? High valuations cannot be solely a function of low nominal or real interest rates. If earnings collapse and the equity risk premium soars, no plausible interest rate can prevent a massive de-rating of the stock market.

To return to Frank Knight, it is true that many of the factors that determine asset prices are presently unknown. Yet a cursory glance at valuations and market levels reveals that investors have implausible beliefs that the unknowns will soon become knowns and that those knowns will be benign.

The bottom line is that the skew of plausible outcomes, however difficult they may be to envision or model, implies much lower equity market valuations.

For some investors that is incongruous with the passage last Friday of the largest fiscal stimulus package in US history and the demonstrated willingness of central banks everywhere to ‘do whatever it takes’. We won’t detail all the reasons why fiscal and monetary policy are not sufficient to address this crisis. It comes down to this: In times of pandemic and uncertainty, job losses, rising precautionary savings and supply-chain disruptions dominate stimulus in the form of fiscal transfers or super-low borrowing costs. Monetary and fiscal policy measures are dwarfed by the extent of private sector spending retrenchment.

Investors counting on macroeconomic policy to jump-start growth and lift asset prices will be disappointed as long as the pandemic remains unchecked.

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  9. We decided that it would certainly be Puerto Rico in about five mins, and also after an additional ten we already had our trip tickets scheduled:-RRB-)))) Our trip lasted 7 days and also obviously, as usual, it was a trip on our own. We prepared our travel plan ourselves as well as selected the locations that seemed one of the most fascinating to us. In today’s blog post, I will certainly focus on useful information regarding Puerto Rico. Puerto Rico is a reliant territory of the USA uncorporated arranged region on the Atlantic Sea as well as the Caribbean Sea. Consequently, vacationers from the United States do not need a ticket to arrive, a United States driving license is rather adequate below. The trip is taken into consideration domestic – so in the case of Atlanta, where the massive airport is separated right into residential as well as global flights, we flew generally from the domestic one. The currency of Puerto Rico is, naturally, United States dollars, which was a fantastic aid for us. Additionally, United States cellular networks run generally here. And also at the same rates for phone calls, messages and also network – a godsend, especially when it comes to the Web! Particularly given that the wifi in lots of locations in Puerto Rico was so bad. The main languages are Spanish and also English – yet the vast majority of citizens speak instead the previous. Puerto Rico lies in the humid equatorial climate area, and also the average yearly temperature is around 25 degrees Celsius. The vacationer period ranges from December 15 to April 15, and tropical hefty rains most often happen in the high period. And it turned out to be real – during our week-long keep it didn’t rainfall just one day. Thankfully, the rainfall, although it was pouring down, came very promptly as well as after 15-20 minutes the storm was over and also the sun was radiating once more. A fascinating reality is that, according to a research carried out once, Puerto Ricans are the happiest country worldwide. If this is true, it would certainly indicate that the renowned declaration that cash does not bring joy has a grain of fact in it. It is approximated that almost half of the inhabitants of Public Relations battle with hardship, which can be seen while traveling around the island. Since Puerto Rico is an island, it is absolutely an aircraft Or a ship, if you wish to hook up on PR during a cruise in the Caribbean. The primary airport in San Juan the funding is well gotten in touch with major US cities. From what I bear in mind, our flight from Atlanta lasted 3 hrs It is best to lease an automobile in Puerto Rico and also circumnavigate the island by doing this. We had the possibility to make use of the public Puerto Rico transport just as soon as, in the form of a ferryboat, and if all the rest works according to similar regulations, I strongly advise this auto than aggravating Pointer – it’s really worth leasing a cars and truck with a higher suspension. We did not know about it and also we chose to purchase some little gingerbread due to the best cost. We promptly regretted this choice, since some corners of Puerto Rico are best explored with a 4×4 SUV. Caribbean, an island in between the Caribbean Sea as well as the North Atlantic Sea, east of the Dominican Republic, purposefully located on the Mona Strait – a vital course to the Panama Canal; San Juan is just one of the biggest and also finest natural harbors in the Caribbean; a lot of small rivers and high hills in the center of the country make sure great watering of the nation; the south coastline is reasonably completely dry; in the north, a fertile strip of coastal plains. Nobody flies to Puerto Rico to see its cool federal government structures. You desire enjoyable in the sunlight. Fortunately is that Flamenco Beach will certainly live up to your visions and after that some. Not just does it supply white sand and also blue water that vibrates on the horizon, however it also boasts restrooms, lifeguards, food booths, beach ball nets and also tourist terminals where you can rent equipment for points like snorkeling and also diving. Puerto Rico’s economic climate is just one of one of the most dynamically establishing in the Caribbean. The diversified industry has actually plainly exceeded farming as the major driving force of the economy and a source of income. Since the 1950s, American companies have been spending heavily on the island, motivated by duty-free accessibility to the US market as well as tax breaks. The island has United States minimum wage laws. Sugar manufacturing lost its leading placement in farming to milk and also livestock production. Tourist is commonly an important income source, it is approximated that Puerto Rico was seen by nearly 5 million people in 2004. 2001-03 saw a decline in financial growth, primarily as a result of the US economic crisis; in 2004-05 there was an economic growth, and also in 2006-07 it dropped once again. Puerto Rico is one of the most dynamically establishing Caribbean countries. The diversified market has surpassed agriculture as well as is currently the major income source. Because the 1950s, American companies have been buying the island, motivated by the duty-free exchange with the UNITED STATES and also tax obligation motivations. The island undergoes United States minimum wage law. Sugar production decreased, and the milk sector and livestock production ended up being the major income. Tourism has actually been a crucial source of income for several years. It is approximated that in 1999 Puerto Rico was gone to by 5 million travelers. The prognosis for 2000 is great, supplied that the financial boom in the United States as well as the growth patterns in tourist and construction proceed. Everybody wanted a piece of the New World, and also every person agreed to eliminate to get it. No place is this even more noticeable than the Castillo San Felipe del Morro. Officially referred to as La Ruta del Lechón, the Pork Freeway is specifically what it sounds like: a three-mile stretch of roadway where every dining establishment focuses on pork. One of the most preferred sort of pork is lechón, a special dish in Puerto Rico that includes spit-roasting a whole pig with a blend of sauces and also seasonings. Obtain your blood pumping with a journey to the Toro Verde Adventure Park in central Puerto Rico. It provides ziplines, rope courses as well as rock climbing difficulties that are ensured to make you pee your pants a little when you realize simply what you have actually gotten yourself right into! The park’s main attraction is “The Beast,” which is noted in the Guinness Publication of Globe Records as the lengthiest zipline worldwide. With cobbled roads, active plazas and also colorful homes that stack with each other like foundation of yellow, blue, environment-friendly, orange and turquoise, Old San Juan is one of the most lively places to check out in Puerto Rico. This is why areas like Isla Culebrita exist. Isla Culebrita is an uninhabited island off the coast of eastern Puerto Rico. It’s only regarding a mile long, and also access is limited to ferryboats as well as water taxis. Museo de Las Americas There are numerous galleries in Puerto Rico, yet only a handful are really about Puerto Rico. The Museo de Las Americas is among these priceless places. It has artifacts, symbols and also fabrics from lots of native groups that stayed in Latin America prior to it was colonized, as well as it can take you on a multi-continental trip with background. If you such as to consume, Mayaguez is the city for you. It’s residence to every little thing from fine dining establishments to al fresco cafes with huge, colorful umbrellas, so you’ll have a lot of options when your belly begins growling. El Yunque National Forestis Treatment more than 28,000 acres, the El Yunque National Park is a lavish, humid jungle where dense foliage covers whatever from crawling serpents to croaking tree frogs. It’s the only tropical jungle in Puerto Rico, and site visitors come from throughout the Carribean to witness both its charm and biodiversity. Situated in the city of Cabo Rojo on the southernmost idea of Puerto Rico, the Los Morrillos Lighthouse is among those lovely areas that you can only find in the Caribbean. It’s set down on top of white sedimentary rock high cliffs that are surrounded by salt marshes as well as lagoons, and the waves crash against the high cliffs with a physical violence that’s shocking however stunning. Cayo Santiago is a small stretch of land off the eastern shore of Puerto Rico.

  10. We made the decision that it would certainly be Puerto Rico in about 5 mins, and also after an additional 10 we currently had our flight tickets reserved:-RRB-)))) Our journey lasted seven days as well as naturally, as usual, it was a journey on our very own. We prepared our itinerary ourselves and also picked the locations that seemed the most intriguing to us. In today’s blog post, I will certainly focus on functional info concerning Puerto Rico. Puerto Rico is a reliant territory of the USA uncorporated organized area on the Atlantic Sea and also the Caribbean Sea. Because of this, vacationers from the United States do not require a passport to get there, an US driving license is rather enough below. The flight is considered residential – so in the case of Atlanta, where the huge airport terminal is separated right into residential and worldwide flights, we flew normally from the domestic one. The money of Puerto Rico is, obviously, United States dollars, which was a terrific aid for us. Additionally, United States mobile networks run usually here. And at the same prices for phone calls, messages and network – a blessing, specifically when it involves the Net! Particularly considering that the wifi in lots of locations in Puerto Rico was so negative. The official languages are Spanish as well as English – yet the vast majority of homeowners talk rather the previous. Puerto Rico is located in the moist equatorial environment area, and the average annual temperature is around 25 levels Celsius. The visitor period runs from December 15 to April 15, as well as tropical heavy rainfalls frequently happen in the high season. And it became true – throughout our week-long keep it really did not rainfall just one day. Fortunately, the rainfall, although it was putting down, came very promptly and after 15-20 mins the tornado mored than and also the sunlight was radiating once again. A fascinating fact is that, according to a research accomplished as soon as, Puerto Ricans are the happiest country on the planet. If this holds true, it would suggest that the renowned declaration that cash does not bring joy has a grain of truth in it. It is estimated that almost half of the occupants of Public Relations have problem with poverty, which can be seen while traveling around the island. Considering That Puerto Rico is an island, it is definitely an aircraft Or a ship, if you intend to attach on PR throughout a cruise ship in the Caribbean. The main flight terminal in San Juan the resources is well connected with significant US cities. From what I keep in mind, our flight from Atlanta lasted 3 hours It is best to rent out a car in Puerto Rico as well as circumnavigate the island by doing this. We had the possibility to use the public Puerto Rico transport just when, in the form of a ferryboat, as well as if all the rest works according to similar policies, I strongly advise this automobile than aggravating Pointer – it’s truly worth renting a cars and truck with a higher suspension. We did not know regarding it as well as we chose to acquire some small gingerbread as a result of the best cost. We promptly regretted this choice, since some corners of Puerto Rico are best discovered with a 4×4 SUV. Caribbean, an island in between the Caribbean Sea and also the North Atlantic Ocean, eastern of the Dominican Republic, purposefully situated on the Mona Strait – an essential path to the Panama Canal; San Juan is one of the largest as well as best natural harbors in the Caribbean; a multitude of tiny rivers and high hills in the center of the country guarantee excellent watering of the nation; the south coast is fairly dry; in the north, a productive strip of coastal plains. No one flies to Puerto Rico to see its cool federal government buildings. You desire enjoyable in the sun. The good news is that Flamenco Beach will meet your musings and then some. Not just does it supply white sand as well as blue water that shimmies imminent, yet it likewise boasts washrooms, lifeguards, food stands, volleyball nets and also visitor terminals where you can rent out equipment for points like snorkeling and also scuba diving. Puerto Rico’s economic climate is among the most dynamically developing in the Caribbean. The varied market has plainly exceeded farming as the major driving force of the economic situation as well as an income source. Considering that the 1950s, American companies have actually been investing greatly on the island, motivated by duty-free access to the United States market as well as tax breaks. The island has United States base pay laws. Sugar manufacturing lost its prominent setting in farming to dairy and also animals manufacturing. Tourist is traditionally an essential source of income, it is estimated that Puerto Rico was seen by virtually 5 million individuals in 2004. 2001-03 saw a decrease in financial development, mainly due to the United States recession; in 2004-05 there was a financial growth, as well as in 2006-07 it fell once again. Puerto Rico is among the most dynamically developing Caribbean countries. The varied market has outshined farming and is currently the main income. Given that the 1950s, American firms have actually been investing on the island, motivated by the duty-free exchange with the UNITED STATES and also tax motivations. The island goes through United States base pay legislation. Sugar manufacturing reduced, and also the dairy products sector and also livestock manufacturing became the primary income source. Tourism has been a crucial source of income for many years. It is approximated that in 1999 Puerto Rico was seen by 5 million travelers. The diagnosis for 2000 is good, supplied that the economic boom in the United States as well as the growth trends in tourism and building and construction continue. Everyone wanted an item of the New Globe, as well as every person was willing to combat to get it. No place is this more apparent than the Castillo San Felipe del Morro. Officially called La Ruta del Lechón, the Pork Highway is exactly what it seems like: a three-mile stretch of road where every dining establishment concentrates on pork. The most prominent type of pork is lechón, a special recipe in Puerto Rico that involves spit-roasting a whole pig with a blend of sauces as well as seasonings. Get your blood pumping with a trip to the Toro Verde Theme park in main Puerto Rico. It offers ziplines, rope courses and also rock climbing up difficulties that are assured to make you pee your trousers a little when you recognize simply what you have actually gotten yourself into! The park’s main attraction is “The Beast,” which is detailed in the Guinness Publication of World Records as the lengthiest zipline on the planet. With patched streets, busy plazas as well as colorful houses that pile together like foundation of yellow, blue, environment-friendly, orange and turquoise, Old San Juan is one of one of the most vivid places to see in Puerto Rico. This is why locations like Isla Culebrita exist. Isla Culebrita is an uninhabited island off the shore of eastern Puerto Rico. It’s only concerning a mile long, and also gain access to is restricted to ferries and water taxis. Museo de Las Americas There are lots of museums in Puerto Rico, yet just a handful are really regarding Puerto Rico. The Museo de Las Americas is just one of these priceless places. It has artifacts, tokens as well as textiles from lots of aboriginal groups that lived in Latin America prior to it was colonized, and also it can take you on a multi-continental journey through history. If you such as to eat, Mayaguez is the city for you. It’s home to everything from great eating facilities to outdoor cafes with huge, colorful umbrellas, so you’ll have a lot of alternatives when your stomach starts grumbling. El Yunque National Forestis Treatment more than 28,000 acres, the El Yunque National Park is a rich, damp rainforest where dense foliage covers whatever from wriggling snakes to croaking tree frogs. It’s the only exotic jungle in Puerto Rico, and also visitors come from around the Carribean to witness both its beauty and also biodiversity. Situated in the city of Cabo Rojo on the southernmost tip of Puerto Rico, the Los Morrillos Lighthouse is among those stunning areas that you can only discover in the Caribbean. It’s perched in addition to white limestone cliffs that are surrounded by salt marshes as well as lagoons, and also the waves accident against the high cliffs with a violence that’s stunning but stunning. Cayo Santiago is a small stretch of land off the eastern coast of Puerto Rico.

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A basic person, after taking doses of medical marijuana and accomplishing the proper state of cannabinoids in the blood, can take pleasure in increased immunity, lowered vulnerability to cancer, delayed aging and minimized threat of stroke or cardiac arrest. CBD oil consists of cannabidiol as a base ingredient and might include only trace amounts of tetrahydroxycannabidiol (THC). RSO oil has a low CBD content, while high THC. Both marijuana oil type CBD and RSO also consist of other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). CBD medical marijuana oil is a rather useful blend of cannabinoids, developed to secure versus 21st century disease. Oil of marijuana in a kind of pastime APR consists of little amounts of CBD, balanced by the existence of THC.

  18. Did you understand these facts on CBD OIL and Full Spectrum CBD Hemp Oil? Cannabinoids are isolated from hemp utilizing supercritical CO2 extraction. Thanks to contemporary innovation, the resulting option is clean, without heavy metals and unnecessary waxes, naturally present in the plant, and the sucked liquid has a common, oily consistency. CBD oil contains cannabidiol as a base active ingredient and may consist of only trace amounts of tetrahydroxycannabidiol (THC). It is recommended by medical professionals and pharmacists as an antioxidant and substance that blocks the action of proinflammatory cytokines (proteins), e.g. in Crohn’s illness or ulcerative intestinal tract. RSO oil has a low CBD material, while high THC. The synergistic (enhancing) action of CBD and THC relative to each other is utilized here. Both cannabinoids can do much more together than when used independently. Both marijuana oil type CBD and RSO also consist of other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). The trick is not, however, that CBD often has actually a composition broadened to include flavones, flavonoids, terpenes, terpenoids, amino acids and omega acids. The difference is mostly due to intentions assisting mankind to utilize one or the other product. CBD medical marijuana oil is a rather helpful blend of cannabinoids, created to secure against 21st century disease. It’s best to use all of these compounds together, as nature created them and enclosed in cannabis inflorescences. It turns out that cannabidiol enhances the results of cannabichromene (CBC) and cannabigerol (CBG), and flavonoids or flavones improve the absorption of these compounds. Omega-6 and omega-3 highly nurture the body and do not allow to change, which speed up the aging procedure of the organism and improve the advancement of cancer. Oil of cannabis in a kind of pastime APR consists of little quantities of CBD, balanced by the existence of THC. – Modern clinical research shows that CBD + THC cope with serious autoimmune illness, while CBC or CBG reveal very little activity in the existence of both compounds, simply like terpenes, flavones or flavonoids, for that reason their material in the solution appears to be unnecessary. In addition, the marijuana stress from which THC and CBD are derived consist of negligible amounts of other cannabinoids. Cannabis oil has actually already marked a brand-new period in which male ceased to fear what is unknown, and began to discover what our ancestors had actually already discovered and use the substantial capacity, in the beginning look, a little unusual relationships, associated mainly with pathology. Medical marijuana, contrary to its name, does not mean fermented female inflorescences and leaves containing psychedelic compounds coiled in so-called “Joints”, but a helpful oil without psychoactive THC. A standard person, after taking dosages of medicinal marijuana and attaining the appropriate state of cannabinoids in the blood, can take pleasure in increased resistance, decreased vulnerability to cancer, delayed aging and lowered risk of stroke or cardiac arrest. CBD oil contains cannabidiol as a base active ingredient and may include just trace amounts of tetrahydroxycannabidiol (THC). RSO oil has a low CBD material, while high THC. Both marijuana oil type CBD and RSO likewise contain other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). CBD medical marijuana oil is a rather helpful mix of cannabinoids, created to safeguard versus 21st century illness. Oil of marijuana in a kind of pastime APR includes small amounts of CBD, balanced by the presence of THC.

  19. Did you understand these truths on CBD OIL and Full Spectrum CBD Hemp Oil? Cannabinoids are isolated from hemp using supercritical CO2 extraction. Thanks to modern innovation, the resulting option is clean, without heavy metals and unnecessary waxes, naturally present in the plant, and the drawn liquid has a typical, oily consistency. CBD oil consists of cannabidiol as a base ingredient and might include just trace amounts of tetrahydroxycannabidiol (THC). It is suggested by doctors and pharmacists as an antioxidant and compound that blocks the action of proinflammatory cytokines (proteins), e.g. in Crohn’s disease or ulcerative intestinal tract. RSO oil has a low CBD material, while high THC. The synergistic (enhancing) action of CBD and THC relative to each other is used here. Both cannabinoids can do much more together than when used individually. Both cannabis oil type CBD and RSO also include other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). The secret is not, however, that CBD frequently has actually a structure broadened to include flavones, flavonoids, terpenes, terpenoids, amino acids and omega acids. The distinction is mostly due to motives directing mankind to use one or the other product. CBD medical marijuana oil is a rather beneficial mix of cannabinoids, designed to safeguard against 21st century disease. It’s best to use all of these compounds together, as nature developed them and confined in cannabis inflorescences. It ends up that cannabidiol boosts the effects of cannabichromene (CBC) and cannabigerol (CBG), and flavonoids or flavones enhance the absorption of these substances. Omega-6 and omega-3 highly nourish the body and do not allow to alter, which accelerate the aging procedure of the organism and enhance the advancement of cancer. Oil of marijuana in a kind of hobby APR includes small quantities of CBD, stabilized by the presence of THC. – Modern scientific research study reveals that CBD + THC cope with major autoimmune diseases, while CBC or CBG reveal very little activity in the presence of both substances, simply like flavones, terpenes or flavonoids, for that reason their content in the option appears to be unneeded. In addition, the marijuana stress from which THC and CBD are derived contain negligible amounts of other cannabinoids. Cannabis oil has already marked a brand-new age in which guy ceased to fear what is unknown, and began to discover what our ancestors had currently noticed and use the considerable capacity, in the beginning look, a little bizarre relationships, associated primarily with pathology. Medical cannabis, contrary to its name, does not suggest fermented female inflorescences and leaves consisting of psychoactive compounds coiled in so-called “Joints”, but an useful oil without psychoactive THC. A basic individual, after taking doses of medicinal cannabis and attaining the suitable state of cannabinoids in the blood, can take pleasure in increased resistance, minimized susceptibility to cancer, delayed aging and lowered risk of stroke or cardiovascular disease. CBD oil includes cannabidiol as a base component and may include only trace quantities of tetrahydroxycannabidiol (THC). RSO oil has a low CBD material, while high THC. Both marijuana oil type CBD and RSO also contain other cannabinoids, such as cannabichromene (CBC) and cannabigerol (CBG). CBD medical marijuana oil is a rather beneficial blend of cannabinoids, designed to safeguard against 21st century illness. Oil of marijuana in a kind of hobby APR includes small quantities of CBD, balanced by the presence of THC.

Stormwall: Observations on America in Peril

Stormwall: Observations on America in Peril

America stands at a critical turning point in its history, where the gathering storm clouds of four distinct crises have formed and are converging to threaten the nation. A looming economic crisis, the COVID-19 pandemic, escalating conflicts in America’s great power rivalry with China, Iran and Russia, and rising social unrest within its own borders have combined into a potentially severe stormwall of risk for the United States. Continue Reading